Markit Economics released its retail purchasing managers' index (PMI) for Germany on Monday. Germany's retail PMI climbed to 54.0 in May from 51.0 in April.

The increase was driven by a rise in purchasing activity.

"Not only did the Retail PMI rise to one of its highest levels for a year, but companies also reported to have exceeded their sales targets for a second month running," an economist at Markit, Oliver Kolodseike, said.